"At the MLB meetings today, the clubs approved Hal Steinbrenner as the control person for the New York Yankees. This is consistent with George Steinbrenner's desire and commitment to have his sons assume the day to day responsibility of operating the club. George Steinbrenner will remain as Chairman of the New York Yankees, Hal and Hank Steinbrenner will continue as Co-Chairmen.

"Hal was designated as the control person because he is responsible for the overall business and financial operations of the Yankees. Hank will continue to oversee the club's Baseball Operations."